President Donald Trump on Thursday announced a new executive order that enables to U.S. to more effectively crack down on individuals, companies and financial institutions that do business with North Korea.

Echoing statements he made earlier this week in his address to the United Nations General Assembly, Trump said North Korea's nuclear weapons program is a "grave threat" to peace and security in the world.

"It is unacceptable that others support this criminal rogue regime," Trump said ahead of a working luncheon with his Japanese and South Korean counterparts in New York City.

He explained that the executive order enhances the Treasury Department's authority to target any individual or entity that conducts significant trade with North Korea.

"The order also includes measures designed to disrupt critical North Korean shipping and trade networks," Trump said, calling for a "complete denuclearization" of Kim Jong Un's regime.

He noted that Chinese banks received a document Monday stating they should halt financial services and loans to new and existing North Korean customers as a result of strict U.N. sanctions passed earlier this month.

He thanked Chinese President Xi Jinping for the "bold move," which he called "unexpected."

"Many countries are working with us to increase economic and diplomatic pressure on North Korea," Trump said. "But I continue to call on all those responsible nations to enforce and implement UN sanctions and impose their own measures, like the ones I am announcing today."

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